The following selected transactions were completed during August of the current year: 1. Billed customers for fees earned, $50,310. on 3. Received cash from customers on account, $47,290. 4. Paid creditors on account, $1,310. a. Journalize these transactions in a two-column journal, using the appropriate number identify the transactions. If an amount box does not require an entry, leave it blank. (1) (2) (3) (4) b. Post the entries prepared in (a) to the following accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted the accounts, select the appropriate number to identify the transactions. Cash Supplies Accounts Receivable Accounts Payable Fees Earned c. Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?

The following selected transactions were completed during August of the current year: 1. Billed customers for fees earned, $50,310. on 3. Received cash from customers on account, $47,290. 4. Paid creditors on account, $1,310. a. Journalize these transactions in a two-column journal, using the appropriate number identify the transactions. If an amount box does not require an entry, leave it blank. (1) (2) (3) (4) b. Post the entries prepared in (a) to the following accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted the accounts, select the appropriate number to identify the transactions. Cash Supplies Accounts Receivable Accounts Payable Fees Earned c. Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 6SEB: TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following...

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